Waukegan was one of many neighborhoods around the Chicago suburbs to suffer a sharp drop in demand for condominiums and lofts during the first quarter. Total sales during the quarter reached their lowest point in 12 years.

According to data from the Chicago Association of Realtors, a total of just 5 units were sold in Waukegan during the first quarter, down more than 75 percent from the 21 units sold during the first quarter last year. It was the steepest drop in sales in more than 17 years in the neighborhood.

However, the drop in demand may not last long as prices start coming down for condos in the North Shore community. The average sales price fell by 27 percent from the first quarter 2007, and could continue drop in the short term as the inventory of unsold condos increases in the area. However, buyers could get tempted back into the market with any further declines in prices.

With an average turnover time currently at 199 days, many condo owners and developers could face pressure to lower prices even further in the short term. The average turnover time was just 61 days a year ago.

Keep an eye out for great deals on North Shore Chicago Condos For Sale around Waukegan as well as in other communities in the area.

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This entry was posted on Thursday, May 29th, 2008 at 9:52 am and is filed under Waukegan Real Estate(t) . You can leave a response.